Horizon Minerals (ASX:HRZ) has entered a binding tenement sale agreement with Yandal Resources (ASX:YRL) to acquire the Gordons Dam Project in Western Australia.
The company has paid $1.2 million cash and issued 37.57 million shares to Yandal for 100% interest in the Gordons, Mt Jewell, Malone, and Mulgarrie assets for a total area of 77km2, making up the Gordons Dam Project.
Shares were issued at $0.043, representing a 10% discount of the 15-day volume weighted average price prior to the sale agreement.
Horizon CEO Grant Haywood says the company intends to plan and conduct drilling across the new 34 mining, prospecting, exploration, and miscellaneous licences next year.
“We are very pleased to complete this transaction with Yandal, which brings in highly prospective tenure strategically located near our Black Swan Processing Facility,” Haywood says.
As reported by Mining.com.au, Horizon is currently progressing a Prefeasibility Study for its Black Swan Project, leading the company to form a final investment decision on mill refurbishment and converting the project into a gold plant.
Construction for these activities will begin in 2026, subject to the outcome of the final investment decision.
Horizon Minerals is an emerging gold producer focused on developing its assets in the Kalgoorlie and Coolgardie regions of Western Australia.
The gold price flattened out in the first two months of Q3 2025 at around the US$3,200 to US$3,500 an ounce range on the back of some better indicators of the global economy including the US, de-escalating trade tensions, and rebounding equity markets.
A push since mid-September to record highs came as signs of weaker US jobs growth spurred speculation of interest rate cuts in America.
The Department of Industry, Science and Resources (DISR) September 2025 Resources and Energy Quarterly shows limiting the downside to the gold price in the near term is the ongoing uncertainty from tariffs on the American economy, geopolitical concerns, and possible further US dollar weakness.
As official US interest rates come down, DISR says demand for the precious metal is poised to increase on a lower opportunity cost of interest-bearing deposits.
DISR notes that worries over rising US inflation have added to gold’s attractiveness, as gold is viewed by some as an inflation hedge.
Based on likely sustained volumes of central bank purchasing, DISR forecasts the gold price to stay around US$3,200 an ounce.
Write to Maddison Elliott at Mining.com.au
Images: Horizon Minerals
